https://www.taxtmi.com/caselaws?id=408893 An application under Section 7 of the Insolvency and Bankruptcy Code was held to be time-barred because the right to apply accrued from the first date of default and, under Article 137 of the Limitation Act, had to be exercised within three years. Sections 18 and 19 extend limitation only where acknowledgment of liability or part payment is made before expiry of the prescribed period. A payment relied upon by the applicant, having been made after the three-year period had expired, could not revive or extend limitation. The application was therefore treated as not maintainable. en-us Wed, 09 Jun 2021 00:00:00 +0530 Thu, 24 Jun 2021 08:25:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408893 An application under Section 7 of the Insolvency and Bankruptcy Code was held to be time-barred because the right to apply accrued from the first date of default and, under Article 137 of the Limitation Act, had to be exercised within three years. Sections 18 and 19 extend limitation only where acknowledgment of liability or part payment is made before expiry of the prescribed period. A payment relied upon by the applicant, having been made after the three-year period had expired, could not revive or extend limitation. The application was therefore treated as not maintainable. Case-Laws Insolvency and Bankruptcy Wed, 09 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408893